November Super Friday

It is Super Friday time again, the first Friday of the month when the US government releases the Non-Farm Payroll numbers. This is also known as the change in unemployment for the month of October.

The Labor Department announced that there was a net loss of 190,000 jobs in October. This is the 22nd consecutive month that the US labor market has shrunk. The unemployment rate rose to 10.2%, a 26 year high.

However, as sobering as those numbers are, the biggest news of the day came from Washington. President Obama signed into law a bill to provide up to 20 additional weeks of jobless benefits to unemployed Americans and extend the $8,000 tax credit for new homebuyers into the middle of next year.

The closely watched legislation will extend jobless benefits in all states by 14 weeks. Those that live in states with unemployment greater than 8.5% will receive an additional six weeks. The proposal will be funded by extending a longstanding federal unemployment tax on employers through June 30, 2011.

As for the market, the trading was especially light for Super Friday and with minimal movement. The initial Non-Farm Payroll numbers had a positive impact on the US dollar, but the President's bill and its impact on the economy had a negative impact. By the end of the day, the currencies were mixed again.

The pound gained slightly on dollar, the euro and swissie lost a little ground. The yen was the big winner gaining over 75 pips on the dollar.

I did 24 new trades today, closing 18 winners including 3 older trades, and 0 losses. The tighter intervals left additional trades open on the fringes of the intervals. The net pips today is +278 pips, or 0.64% gain.

For the week, the net pips is +1288.3 pips, or a 2.91% gain.

Here are the daily stats for Friday, November 6, 2009.

Open

High

Low

Close

Pip Interval

GBP/USD	1.6578	1.6633	1.6516	1.6610	117
EUR/USD	1.4870	1.4913	1.4813	1.4845	100
USD/CHF	1.0160	1.0200	1.0125	1.0170	75
USD/JPY	90.70	90.84	89.60	89.94	124
GBP/JPY	150.37	150.73	148.38	149.40	235

As for quick notes, there is still no news from SummerstreetFX. They have been really tied up with other matters. Also, October statements will be sent out this weekend.

Stay tuned for more action next week. Have a great weekend.

May the pips be with us!

The Pipmaster
Email: titangroupfx@gmail.com